Pisante & Ors v Logothetis & Ors [2022] EWHC 2575 (Comm) (13 October 2022)

Pisante & Ors v Logothetis & Ors [2022] EWHC 2575 (Comm) (13 October 2022)

Restitution following rescission of ETFA 3 requires Libra to pay Swindon US$2,741,250 in addition to the US$6,250,000 already ordered, to restore the status quo ante. The counter-factual scenario (ETFA 3*) is irrelevant to restitution. The claimants' application to amend to introduce a new head of loss is refused as it should have been brought before trial. Damages against Mr Logothetis are set at US$8,991,250 less any amount paid by Libra. Indemnity costs are awarded from 1 March 2021 due to unreasonable conduct by the defence. Interest is awarded at US Prime + 2% (compound, quarterly) for restitution, and simple interest for damages and the Piraeus Bank shares claim.

Citation
[2022] EWHC 2575 (Comm)
Parties
Claimant: Victor Pisante; Claimant: Swindon Holdings & Finance Limited; Claimant: BCA Shipping Investment Corporation; Claimant: Castor Navigation Limited; Defendant: George Logothetis; Defendant: Lomar Corporation Limited; Defendant: Lomar Shipmanagement Limited; Defendant: Libra Holdings Limited
Jurisdiction
England and Wales
Judgment Date
13 October 2022
Procedural Posture
Commercial Court Claim / Post Trial Consequential Judgment
Outcome
Amendment application refused; further restitution ordered; damages judgment entered; costs and interest awarded as specified.
Legal Topics
Rescission, Restitution, Damages for Deceit, Costs, Interest, Amendment of Pleadings
Contract Law Equity Tort Law Fraud Rescission Restitution Damages for Deceit Costs +2 more

Case Brief

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Parties

Victor Pisante

Claimant

Swindon Holdings & Finance Limited

Claimant

BCA Shipping Investment Corporation

Claimant

Castor Navigation Limited

Claimant

George Logothetis

Defendant

Lomar Corporation Limited

Defendant

Lomar Shipmanagement Limited

Defendant

Libra Holdings Limited

Defendant

Procedural Posture

Commercial Court Claim / Post Trial Consequential Judgment

Legal Issues

  1. 1 Whether Swindon is entitled to further restitutionary relief following rescission of ETFA 3
  2. 2 Whether damages in addition to restitution should be awarded against Libra and/or Mr Logothetis
  3. 3 Whether the claimants should be permitted to amend their claim to introduce a new head of loss post-trial

Ratio Decidendi

Restitution following rescission of ETFA 3 requires Libra to pay Swindon US$2,741,250 in addition to the US$6,250,000 already ordered, to restore the status quo ante. The counter-factual scenario (ETFA 3*) is irrelevant to restitution. The claimants' application to amend to introduce a new head of loss is refused as it should have been brought before trial. Damages against Mr Logothetis are set at US$8,991,250 less any amount paid by Libra. Indemnity costs are awarded from 1 March 2021 due to unreasonable conduct by the defence. Interest is awarded at US Prime + 2% (compound, quarterly) for restitution, and simple interest for damages and the Piraeus Bank shares claim.

Court Disposition

Amendment application refused; further restitution ordered; damages judgment entered; costs and interest awarded as specified.

Orders

  • Libra to pay Swindon US$2,741,250 to complete restitution following rescission of ETFA 3
  • No damages judgment against Libra beyond restitution